Bitget : Next Wave of Spot ETFs: Solana and Cardano at the Starting Line

Applications from major issuers like VanEck, 21Shares, and Grayscale are currently under review by the SEC, with key deadlines expected by the end of October 2025. Although a US government shutdown could cause delays, one thing is certain: the next wave of Spot ETFs is underway.

Recent regulatory developments introducing new generic listing standards have created a smoother path for these products and increased their chances of approval. Combined with the growing acceptance of Proof-of-Stake cryptocurrencies and their staking functions (like the 7.3 percent yield offered by Solana), this new structure could accelerate authorizations.

The potential effects of these launches on the market are significant. Mirroring the growth in assets under management seen with Bitcoin and Ethereum ETFs, the approval of products linked to SOL and ADA could attract between three and eight billion US dollars. Although these assets have a higher beta compared to Bitcoin’s volatility, they also offer compelling potential as high-yield diversifiers for portfolios seeking exposure to next-generation blockchain technology.

Legitimization of the Crypto Ecosystem

The proliferation of crypto ETFs, including those tracking memecoins, is driven by several key factors: growing institutional interest, promotion by celebrities, and strategic regulatory changes. These developments allow certain assets to be classified as “collectibles” under rules not applicable to securities, thereby facilitating a faster registration process under the ’40 Act’ rather than the slower ’33 Act’. This trend is therefore not limited to new investment products but marks the legitimization of the entire crypto asset class.

In the short term, these new ETFs could cause increased price volatility and liquidity spikes as capital flows in. For example, the launch of the DOGE ETF led to a rapid 12 percent increase in Dogecoin’s price. In the long term, however, this influx of regulated capital from traditional finance (TradFi) platforms like Fidelity and Schwab is expected to flood the market with billions of dollars. This also fosters a stronger correlation between crypto and stock markets: Bitcoin’s correlation with the S&P 500 has already reached 0.75. This process bridges the gap between the two worlds and establishes digital assets as a recognized component of diversified investment strategies.

Ultimately, the rise of a wide range of crypto ETFs signals a shift towards a more inclusive and stable crypto ecosystem. By offering regulated investment vehicles, these products attract more conservative capital and contribute to market standardization. This accelerates innovation on a global scale and ensures that the digital asset revolution becomes accessible to a broader audience than ever before.